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The Money Market Funds (Amendment) (EU Exit) Regulations 2019

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9.  In Article 7—

(a)for paragraphs 1 to 3 substitute—

“1.  An MMF authorised under this Regulation and the manager of the MMF must comply at all times with this Regulation.

1A.  An EU MMF marketed in the United Kingdom under a temporary marketing permission must comply at all times with the EU MMF Regulation.

2.  Unless otherwise specified in this Regulation, an MMF which is a UK UCITS and the manager of the MMF must comply at all times with the requirements of UK law on undertakings for collective investment in transferable securities.

2A.  Unless otherwise specified in this Regulation, an MMF which is an EEA UCITS and the manager of the MMF must comply at all times with—

(a)the requirements of the EU MMF Regulation; and

(b)the requirements of Directive 2009/65/EC and any EU Regulations made under it, as the Directive and Regulations have effect in EU law.

3.  Unless otherwise specified in this Regulation, an MMF which is a UK AIF and the manager of the MMF must comply at all times with the requirements of UK law on alternative investment fund managers (within the meaning of Article 5(8)).

3A.  Unless otherwise specified in this Regulation, an MMF which is an EEA AIF and the manager of the MMF must comply at all times with—

(a)the requirements of the EU MMF Regulation; and

(b)the requirements of Directive 2011/61/EU, as it has effect in EU law.”;

(b)after paragraph 5, insert—

“6.  For the purposes of paragraph 2, “UK law on undertakings for collective investment in transferable securities” means—

(a)the law of the United Kingdom which was relied on by the United Kingdom immediately before exit day to implement Directive 2009/65/EC—

(i)in the case of rules made by the FCA or by the PRA under FSMA, as they have effect on exit day; and

(ii)as amended from time to time, in all other cases;

(b)EU regulations, made under Directive 2009/65/EC, which form part of retained direct EU legislation, as amended from time to time; and

(c)subordinate legislation (within the meaning of the Interpretation Act 1978) made under the Undertakings for Collective Investment in Transferable Securities Regulations 2011(1) on or after exit day, as amended from time to time.”.

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